Pension Schemes Act (Northern Ireland) 2021

1. Introductory Text

2. PART 1 Master Trusts

   1. Definition of a Master Trust scheme

      1. 1. Master Trust schemes: definition

      2. 2. Relevant public service pension schemes

   2. Authorisation: applications etc

      1. 3. Prohibition on operating a scheme unless authorised

      2. 4. Application for authorisation

      3. 5. Decision on application

      4. 6. Referral to Tribunal of refusal to grant authorisation

   3. Authorisation criteria

      1. 7. Fit and proper persons requirement

      2. 8. Financial sustainability requirement

      3. 9. Financial sustainability requirement: business plan

      4. 10. Scheme funder requirements

      5. 11. Systems and processes requirements

      6. 12. Continuity strategy requirement

   4. Ongoing supervision of Master Trust schemes

      1. 13. List of authorised schemes

      2. 14. Requirement to submit annual accounts

      3. 15. Requirement to submit supervisory return

      4. 16. Duty to notify Regulator of significant events

      5. 17. Fixed penalty notice for failure to comply with request for information etc

      6. 18. Escalating penalty notice for failure to comply with request for information etc

      7. 19. Withdrawal of authorisation

   5. Triggering events: continuity

      1. 20. Triggering event: duties of trustees

      2. 21. Triggering events

      3. 22. Notification requirements

      4. 23. Continuity options

      5. 24. Continuity option 1: transfer out and winding up

      6. 25. Continuity option 2: resolving triggering event

      7. 26. Approval of implementation strategy

      8. 27. Content of implementation strategy

      9. 28. Duty to pursue continuity option

      10. 29. Prohibition on winding up except in accordance with continuity option 1

      11. 30. Periodic reporting requirement

      12. 31. Pause orders

      13. 32. Prohibition on new employers during triggering event period

      14. 33. Prohibition on increasing charges etc during triggering event period

   6. Decisions on withdrawal of authorisation: timing

      1. 34. When it becomes clear that authorisation not to be withdrawn

      2. 35. When a decision to withdraw authorisation becomes final

   7. Supplementary

      1. 36. Fraud compensation

      2. 37. Master trusts in operation on commencement: transitional provision

      3. 38. Minor and consequential amendments

      4. 39. Interpretation of Part 1

      5. 40. Regulations modifying application of Part 1

3. PART 2 Administration Charges

   1. 41. Power to override contract terms

4. PART 3 General

   1. 42. Regulations: general provisions

   2. 43. General interpretation

   3. 44. Commencement

   4. 45. Short title

5. SCHEDULES

   1. SCHEDULE 1

      Pause orders

      1. Consequences of a pause order

         1. 1. (1) If a pause order is made in relation to...

      2. Period of effect etc of a pause order

         1. 2. (1) A pause order must specify the period for which...

      3. Validation of action in contravention of pause order

         1. 3. (1) If a pause order is made in relation to...

      4. Notification of trustees, scheme funders, scheme strategists, employers and members

         1. 4. (1) This paragraph applies where— (a) a pause order is...

      5. Supplementary provision

         1. 5. A pause order, or an order made under any of...

   2. SCHEDULE 2

      Master Trusts operating before commencement: Transitional provision

      1. Overview of Schedule

         1. 1. (1) This Schedule modifies the application of Part 1 as...

      2. Modifications having effect from the date on which this Act is passed

         1. 2. Section 20 (triggering event: duties of trustees) has effect as...

         2. 3. Section 21 (triggering events) has effect as if, in subsection...

         3. 4. Section 22 (notification requirements) has effect as if for subsection...

         4. 5. Section 25 (continuity option 2: resolving triggering event) has effect...

         5. 6. Section 33 (prohibition on increasing charges etc during triggering event...

         6. 7. Part 1 applies to an existing Master Trust scheme as...

      3. Modifications having effect from the commencement date

         1. 8. Section 3 (prohibition on operating a Master Trust scheme unless...

         2. 9. Section 5 (decision on application) has effect as if at...

         3. 10. Section 21 (triggering events) has effect as if—

         4. 11. Section 23 (continuity options) has effect as if—

         5. 12. Section 26 (approval of implementation strategy) has effect as if—...

         6. 13. Section 28 (duty to pursue continuity option) has effect as...

         7. 14. Section 34 (when it becomes clear that authorisation not to...

         8. 15. Section 35 (when decision to withdraw authorisation becomes final) has...

   3. SCHEDULE 3

      Minor and Consequential Amendments

      1. The Pension Schemes (Northern Ireland) Act 1993 (c. 49)

         1. 1. The Pension Schemes Act is amended as follows.

         2. 2. In section 96B(2) (meaning of “scheme rules”: occupational pension schemes)—...

         3. 3. In section 97AI(7) (rights under section 97AB: further provision)—

      2. The Pensions (Northern Ireland) Order 1995 (NI 22)

         1. 4. In Article 67A(9) of the 1995 Order (subsisting rights provisions:...

      3. The Pensions (Northern Ireland) Order 2005 (NI 1)

         1. 5. The 2005 Order is amended as follows.

         2. 6. In Article 2(4) (interpretation: scheme rules)— (a) in sub-paragraph (a),...

         3. 7. In Article 9 (improvement notices), in paragraph (7) (meaning of...

         4. 8. In Article 65 (duty to report breaches of the law)...

         5. 9. In Article 67 (provision of information), in paragraph (1A), after...

         6. 10. In Article 68 (inspection of premises), in paragraph (2) before...

         7. 11. In Article 72A (fixed penalty notices), in paragraph (6) after...

         8. 12. In Article 72B (escalating penalty notices), in paragraph (8) after...

         9. 13. In Article 75 (offences of providing false or misleading information),...

         10. 14. In Article 75A (financial penalty for providing false or misleading...

         11. 15. (1) Article 85 (codes of practice) is amended as follows....

         12. 16. In Article 88(2) (“regulatory functions” of the Regulator subject to...

         13. 17. In Article 92(5) (special procedure: applicable cases), before sub-paragraph (u)...

         14. 18. In Schedule 1 (the Pensions Regulator), in Part 1 (delegation),...

         15. 19. In Schedule 2 (functions exercisable by the Determinations Panel), before...

      4. The Pensions (No. 2) Act (Northern Ireland) 2008 (c. 13)

         1. 20. In section 31 of the Pensions (No. 2) Act (effect...

      5. The Pension Schemes Act (Northern Ireland) 2021

         1. 21. (1) Section 17 (fixed penalty notice for failure to comply...

         2. 22. (1) Section 18 (escalating penalty notice for failure to comply...